Psy set to be millionaire, thanks to Gangnam Style's YouTube fame
SEOUL (AP) - As Gangnam Style gallops toward 1 billion views on YouTube, the first Asian pop artist to capture a massive global audience has gotten richer click by click. So too has his agent and his grandmother. But the money from music sales isn't flowing in from the rapper's homeland South Korea or elsewhere in Asia.
With one song, 34-year-old Park Jae-sang - better known as Psy - is set to become a millionaire from YouTube ads and iTunes downloads, underlining a shift in how money is being made in the music business. An even bigger dollop of cash will come from TV commercials.
From just those sources, Psy and his camp will rake in at least US$7.9 million (S$9.6 million) this year, according to an analysis by The Associated Press of publicly available information and industry estimates. But for online music sales in South Korea, he'll earn less than US$60,000.
Here's how it works.